A hedge fund manager being sued over his role the Bernard Madoff scandal is selling off $310 million worth of art.
Financier J. Ezra Merkin ran a fund that invested heavily with Madoff, and lost everything when the fraud fell apart. His clients say he misled them about what he did with their money.
Merkin has denied any wrongdoing, but has agreed to sell his collection of paintings by the abstract expressionist Mark Rothko and sculptures by Alberto Giacometti.
New York Attorney General Andrew Cuomo, who is also suing Merkin, says an anonymous buyer is acquiring the art trove.
The money will be held in an escrow account until various legal battles involving Merkin are resolved.